Correlation Between G Bits and Guangdong Xiongsu
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By analyzing existing cross correlation between G bits Network Technology and Guangdong Xiongsu Technology, you can compare the effects of market volatilities on G Bits and Guangdong Xiongsu and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in G Bits with a short position of Guangdong Xiongsu. Check out your portfolio center. Please also check ongoing floating volatility patterns of G Bits and Guangdong Xiongsu.
Diversification Opportunities for G Bits and Guangdong Xiongsu
-0.1 | Correlation Coefficient |
Good diversification
The 3 months correlation between 603444 and Guangdong is -0.1. Overlapping area represents the amount of risk that can be diversified away by holding G bits Network Technology and Guangdong Xiongsu Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Guangdong Xiongsu and G Bits is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on G bits Network Technology are associated (or correlated) with Guangdong Xiongsu. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Guangdong Xiongsu has no effect on the direction of G Bits i.e., G Bits and Guangdong Xiongsu go up and down completely randomly.
Pair Corralation between G Bits and Guangdong Xiongsu
Assuming the 90 days trading horizon G Bits is expected to generate 1.25 times less return on investment than Guangdong Xiongsu. But when comparing it to its historical volatility, G bits Network Technology is 1.47 times less risky than Guangdong Xiongsu. It trades about 0.07 of its potential returns per unit of risk. Guangdong Xiongsu Technology is currently generating about 0.06 of returns per unit of risk over similar time horizon. If you would invest 513.00 in Guangdong Xiongsu Technology on September 27, 2024 and sell it today you would earn a total of 122.00 from holding Guangdong Xiongsu Technology or generate 23.78% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
G bits Network Technology vs. Guangdong Xiongsu Technology
Performance |
| Timeline |
| G bits Network |
| Guangdong Xiongsu |
G Bits and Guangdong Xiongsu Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with G Bits and Guangdong Xiongsu
The main advantage of trading using opposite G Bits and Guangdong Xiongsu positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if G Bits position performs unexpectedly, Guangdong Xiongsu can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Guangdong Xiongsu will offset losses from the drop in Guangdong Xiongsu's long position.| G Bits vs. Shanghai CEO Environmental | G Bits vs. Wintao Communications Co | G Bits vs. Shaanxi Meineng Clean | G Bits vs. Nanjing Putian Telecommunications |
| Guangdong Xiongsu vs. Kweichow Moutai Co | Guangdong Xiongsu vs. Contemporary Amperex Technology | Guangdong Xiongsu vs. G bits Network Technology | Guangdong Xiongsu vs. BYD Co Ltd |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Balance Of Power module to check stock momentum by analyzing Balance Of Power indicator and other technical ratios.
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